October 18, 2018 – The Court hearing the Ezra Holdings Limited case issued an order confirming the Debtors’ Modified First Amended Chapter 11 Plan [Docket No. 504]. As previously reported [Docket No. 461], “The objectives of the Plan are: To expeditiously and fairly address and treat Allowed Claims in accordance with the Bankruptcy Code and any other applicable law. To prevent a scramble for the assets of the Debtors by Creditors and ensure a fair distribution of the value of the Debtors’ assets to Creditors pursuant to the Plan and through Judicial Management Proceedings in Singapore. To accomplish these objectives, the Debtors’ Representative appointed under the Plan will pay Allowed Secured Claims, Priority Tax Claims, Priority Non-Tax Claims and Administrative Claims. The Plan provides that the Debtors’ Representative will consult with the Independent Directors to facilitate Ezra Holdings’ seeking leave of the Singapore Court for appointment of a Judicial Manager in accordance with applicable Singapore law within thirty (30) days of payment of Allowed Secured Claims, Priority Tax Claims, Priority Non-Tax Claims and Administrative Claims, unless, in the Debtors’ Representative’s business judgment, further implementation of the Plan prior to commencement of Judicial Management Proceedings would be in the best interest of the Debtors’ Estates, in which case the time to seek leave for the appointment of a Judicial Manager may be extended. From the Effective Date through commencement of the Judicial Management Proceedings, the Debtors’ Representative, in consultation with the Independent Directors, may take action to liquidate the Debtors’ assets and/or make Distributions to Holders of Allowed Claims if doing so would, in the Debtors’ Representative’s business judgment, maximize value for the Debtors’ estates.”

BankruptcyData has also prepared a more comprehensive summary of this Plan (please see the attached pdf below).

The following is a summary of classes, claims, voting outcomes and projected recoveries (please note that projected recoveries are sourced from Exhibit B: “Estimated Plan Recovery and Liquidation Analysis” as filed with the Amended Disclosure Statement [Docket 460]).

Class 1 (“Priority Non-Tax Claims against Ezra Holdings”) was unimpaired, deemed to accept and not entitled to vote on the Plan. Projected Plan recovery is 100%.

Class 2 (“Priority Non-Tax Claims against EMITS”) was unimpaired, deemed to accept and not entitled to vote on the Plan. Projected Plan recovery is 100%.

Class 3 (“Priority Non-Tax Claims against Ezra Marine”) was unimpaired, deemed to accept and not entitled to vote on the Plan. Projected Plan recovery is 100%.

Class 4: (“MCST Claims against Ezra Holdings”) was considered impaired and was entitled to vote on the Plan, which it voted to accept. The projected approximate amount of allowed claims/interests is $1 million and the projected Plan recovery is 100%.

Class 5: (“STLF Claims against Ezra Holdings”) was considered impaired and entitled to vote on the Plan, which it voted to reject. The projected approximate amount of allowed claims/interests is $2 million and the projected Plan recovery is 100%.

Class 6: (“Bondholder Claims against Ezra Holdings”) was considered impaired and entitled to vote on the Plan, which it voted to accept. The projected approximate amount of allowed claims/interests is $5 million and the projected Plan recovery is 100%.

Class 7: (“Other Secured Claims against Ezra Holdings”) was considered impaired and entitled to vote on the Plan, which it voted to accept. The projected Plan recovery is 100%.

Class 8: (“OCBC Marine Base Claim against Ezra Marine”) was considered impaired and entitled to vote on the Plan, which it voted to accept. The projected amount of allowed claims/interests is $15-$20 million and the projected Plan recovery is 100%.

Class 10: (“General Unsecured Claims against Ezra Holdings”) was considered impaired and entitled to vote on the Plan, which it voted to accept. The projected amount of allowed claims/interests is $1,580–$2,368 million and projected Plan recovery is 0%-2%.

Class 11: (“General Unsecured Claims EMITS”) was considered impaired and entitled to vote on the Plan, which it voted to accept. The projected approximate amount of allowed claims/interests is $11-12 million and projected Plan recovery is 20%-52%.

Class 12: (“General Unsecured Claims against Ezra Marine”) was considered impaired or otherwise entitled to vote on the Plan, which it voted to accept. The projected approximate amount of allowed claims/interests is $62-79 million and projected Plan recovery is 1%-2%.

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